Cardano Founder Calls for Cryptocurrency “Bill of Rights” to Promote True Decentralization.
Charles Hoskinson, the creator, and founder of Cardano (ADA), has urged the cryptocurrency community to establish a Bill of Rights for the industry, which will illustrate the concept of true decentralization.
Speaking during Binance Blockchain Week hosted in Dubai, Hoskinson noted that the cryptocurrency industry is currently at a crossroads on its path to true decentralization, adding that the nascent sector is at a critical point requiring navigation from the crypto community.
“As we see the third generation cryptocurrencies become more powerful, more prevalent, more pervasive, we have to start making some uncomfortable and difficult philosophical decisions about how our technology works,” Hoskinson was quoted as saying by local media outlet City A.M.
Players Need to Understand Decentralization
According to the Cardano boss, when people move beyond the world’s largest cryptocurrency, Bitcoin, to other digital currencies, they start entertaining the idea that not everyone would have a copy of the blockchain.
Hoskinson noted that for the cryptocurrency industry to be truly decentralized, its players need to collectively figure out the core meaning of decentralization, adding:
“We have to write some sort of Constitution for these things, we have to decide what is the Bill of Rights for the use of cryptocurrency and blockchain technology.”
The Cardano boss added that people who are currently in the nascent industry only for the money and do not care about the technology may lose everything that makes cryptocurrency special.
While Hoskinson thinks the industry is mature enough to have a constitution, he acknowledged that things may go wrong in trying to establish the perfect Bill of Rights for crypto because true decentralization is difficult and expensive.
Cryptos’ Growth Calls for Key Decisions
Cryptocurrencies have evolved rapidly over more than a decade, with growing interest in Bitcoin, especially from both investors and governments.
Hoskinson said the most valuable cryptocurrency has attracted the attention of the entire world, the same way the internet captured people’s interest in the early 90s.
“We must decide as an industry whether we wish to learn from the past, or if we wish to just allow it to happen again,” Hoskinson said.
Hoskinson noted that the industry has two choices to choose from, which include maintaining the integrity and focusing on decentralization or ignoring everything and sticking to the highly centralized system.